Millennium Pacific Group Holdings Limited (Millennium PG) reported a 57.98% surge in consolidated revenue to HK$106.44 million for the year ended 31 December 2025, driven by the rollout of a new cigar-trading segment and higher electronic-device sales.

Revenue Mix and Margins • Electronic devices remained the core contributor, generating HK$74.54 million, or 70% of total revenue. • The newly acquired cigar business added HK$21.62 million, while specialised milk products and health foods contributed HK$10.28 million. • Group gross profit increased 20.12% to HK$7.40 million, but gross margin narrowed to 6.96% from 9.15% a year earlier due to higher cost of sales.

Expenses and Profitability • Operating expenses rose sharply to HK$16.27 million (2024: HK$6.54 million) on start-up costs for the cigar division, higher marketing spending and larger impairment provisions on receivables. • The Group swung to an operating loss of HK$8.81 million from a HK$3.96 million profit in 2024. • Net loss attributable to owners totalled HK$8.99 million, translating into a basic and diluted loss per share of 5.14 HK cents (2024 earnings per share: 2.31 HK cents).

Liquidity and Capital Structure • Bank and cash balances stood at HK$6.21 million (2024: HK$4.66 million). • Current ratio slipped to 1.16 (2024: 1.25) and quick ratio to 1.13 (2024: 1.23). • Gearing ratio improved to 0.76 (2024: 3.58) after full conversion of all outstanding convertible bonds during the year; no convertible debt remained at year-end. • Net assets increased to HK$9.71 million from HK$3.83 million, supported by share issuances tied to bond conversions.

Customer Concentration Two customers accounted for over 80% of 2025 revenue: Customer A contributed HK$74.54 million, while Customer B generated HK$14.56 million.

Operational Highlights • Acquisition of Himalaya Cigar & Wine Limited in Q3 2025 established Millennium PG’s presence in cigar distribution. • Staff costs rose to HK$4.28 million (2024: HK$3.65 million), reflecting headcount and wage increases tied to business expansion. • Finance costs fell to HK$0.51 million from HK$1.27 million following debt conversions.

Outlook Management plans to refine its multi-segment portfolio, strengthen cost controls and seek further optimisation of the capital structure while scaling the cigar business under a dedicated risk-management framework.